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Looking at taking the plunge into +geared property and definetly outside my “comfort zone” at the moment.. expecting buyers remorsewe have 2 properties at the moment in Perth..
3brm 2bth house at 83k fixed interest for 5yrs -value at 150k+
rent now at $155p/wk2brm 1 bth unit at 80k fixed interest for 5yrs-
valued at 140k
rent now at $145p/wk‘however’ after reading “0-135 properties in 3.5yrs” and this forum i’m ready to make the leap into + geared properties using the 11 second (or close) rule.
worked all night last night from 7pm to 5am, picked up a friend and drove to an area i’d been interested in (yes-showered first) looked around the place then drove back-2hrs sleep then work again! a property i was keen on had been sold 45k returning approx 90 rent-tenanted. so looked at others.
i’ve researched the area to the best of my ability, thanks to others such as peterp,chris77,suzieq and others.
problem is- town of under 10k population, older houses of fibro and tile,……..nervous of making the wrong move
any ideas on anything else i should be aware of or looking for ????
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Redwing
So far it looks to me like you’ve made good decisions ……based on your 2 Perth properties that is. I don’t blame you for being nervous but if you’ve done your research and feel comfortable with the place ….why not? My first IP is Fibro/Asbestos roof, but lovely little cash flow pos earner (and thats all I want from it as it is not in a high capital growth area), one I’m currently looking at is fibro/tile…..doesn’t bother me as long as they fit into my plan. I’m a country girl from way back so Fibro to me is very common especially in country areas. Good luck. [
]Suzieq,
never lived in one, fibro that is, spoke to the agent these properties he estimates are about 80yrs old.
was thinking of calling western power and seeing when the power was first connected to the property, to give me a better indication.. am i right in thinking no depreciation on property if built before june 1985 ?I grew up in Broome and the properties were mainly corrugated iron/colourbond.
still looking at the area and giving the agent some harder questions to answer for me, as i’m looking at one property that is tenanted, asking 59k approx, returning at 95p/wk. would like to lock the tenant into a years lease to give me breathing space after loan and associated costs.
don’t want to pay too much for a property in the area as my partner (she’s more conservative than myself) said what happens if the local industry dies etc..why are people selling etc.. [
]Brick properties i can understand..easy to fix/render/add to, but am glad you’re comfortable with the fibro, makes me feel a bit better.
journing further affield as well, mass e-mailed agents in the area and recieveved prompt and helpfull responses, so have a few “irons in the fire” to date and investigating these also
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
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